The business, founded by Dr Sonia Schulenburg in 2018, combines machine learning, data science and behavioural economics enabling institutional investors to develop, test and implement smart investment strategies at the highest levels of automation and at significantly lower cost than traditional investment management business models.

Dr Sonia Schulenburg, CEO of Level E Research, said: “This very successful fundraising backed by well-known industry leaders is a huge vote of confidence in our technology and business model, enabling us to scale up our business development efforts as well as continue to invest in cutting edge research and attract the most talented people.

“Our hedge fund clients have been quick to realise the benefits that our unique machine learning platform can provide, and we are in discussions with asset managers who are keen to integrate our AI into their investment process or seeking to launch the next generation of AI-driven funds. Our modular SaaS platform readily integrates into existing infrastructure making it easy to adopt.”

Nicola Anderson, CEO of FinTech Scotland, added: “I am delighted to hear that Level E Research has secured a significant amount of seed funding. This is a testament to the strength of its innovation and capability and will lead to the creation of more highly skilled jobs in Scotland.

“The fact that it is mainly Scottish backers who are investing in Sonia’s vision and leadership, supporting a woman fintech founder, also demonstrates the strength of Scotland’s commitment to fintech, diversity and inclusion.”